An Empirical Study On The Factors Affecting The Performance Of Family Listed Companies

Family business is a private enterprise that the company's capital or shares are mainly controlled by a family,while members of the family as part of the important positions.Since the reform and opening up,family business as the foremost part of private enterprises has been rapid development.Family business is not only the most important form of private enterprises,but also in the number and contribution of GDP to occupy an absolute position.Family business has made outstanding contributions for social and economic development to become the most important part of private enterprises.However,the family business after the listing,the family "equity monopoly","cronyism",agency conflicts and family business intergenerational heritage and other issues have also been exposed.These problems have seriously affected the performance of listed family business.Therefore,it is very important to study the factors influencing the performance of family listed companies from different perspectives of ownership structure,human resources and corporate culture.It has great practical significance to improve the performance of family business and accelerate the process of sustainable development.Based on the theory of agency and the theory of difference order,this paper starts from the study of family involvement,and analyzes the relationship between family involvement and firm performance from the three dimensions of ownership,management and family willingness.Finally article gets three conclusions:(1)Family involvement on ownership and corporate performance has relationship like U-type.Family ownership ratio exists the critical range between25% and 35%,this critical range is not conducive to the improvement of corporate performance.(2)There is a negative correlation between family involvement on management and firm performance.The more the number of family members involved in the management and more important the position of the job,more likely to hinder the improvement of corporate performance.(3)Family heritage will have a weak negative impact to enterprise performance,it is because the second generation of family members participate in management to reduce the performance of enterprises.For the above results,This paper puts forward some suggestions like optimize the ownership structure of the enterprise,reduce the degree of family involvement management,improve the talent introduction and training system,improve the staff incentive mechanism and establish the family business view.The purpose of this paper is to understand the factors influencing the performance of family listed companies by validating the relationship between family involvement and corporate performance,and how to optimize the internal and external environment of the enterprise so as to avoid the adverse effects on the enterprise and to promote the enterprise's performance.Improve and promote the healthy and sustainable development of family business.